The ratings on Zeeland, Mich.-based Herman Miller Inc. reflect its strong market position in the office furniture industry, variable cost structure, solid financial condition, and strong credit protection measures. The competitive and cyclical nature of the office furniture industry, and the company's sensitivity to raw material price fluctuations somewhat offset these factors. Herman Miller is a leading designer, marketer, and manufacturer of office furniture and systems. The U.S. office furniture industry is highly competitive, with five companies garnering a significant portion of the market. Among these five, Herman Miller maintains the No. 3 position, with nearly $2 billion in sales for the 12 months ended Nov. 29, 2008. The two other rated industry participants are market leader Steelcase Inc. (BBB/Positive/--)
